Maxwell Technologies to Acquire Unit of Primex Physics International; Solidifies Global Leadership in Pulsed Power Technology.SAN DIEGO--(BUSINESS WIRE)--April 2, 1998--Maxwell Technologies Inc. (NMS See NetWare Management System. :MXWL) announced today that it has agreed to acquire the electromagnetic systems business of Primex Physics International Co., a subsidiary of Primex Technologies Inc. (NMS:PRMX), for $10 million in cash. The acquired business' 1997 sales were approximately $17 million. The sale, which is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent obtaining certain approvals, is expected to be concluded by the end of April. "Maxwell Technologies Maxwell Technologies is a developer and manufacturer of energy storage and power delivery-related products. History The company was founded in 1965 as Maxwell Laboratories, originally as a government contractor, providing advanced physics, pulsed power, space effects and Physics International are two of the world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in the arena of pulsed power Pulsed power is the term used to describe the science and technology of accumulating energy over a relatively long period of time and releasing it very quickly thus increasing the instantaneous power. technology and this consolidation yields a technology powerhouse in this domain," said Kenneth F. Potashner, chairman and chief executive officer of Maxwell. "The addition of more than 100 world-class scientists, engineers and technicians of Physics International clearly makes Maxwell Technologies the global leader in high-energy pulsed power technology. Our two companies have responded to Department of Defense and Department of Energy pulsed power and simulation business requirements for many years and we can now put our resources to use more effectively and efficiently. "Physics International's electromagnetic business also brings to Maxwell several innovative applications of pulsed power in varying stages of development with exciting commercial market potential. Among these are a flash x-ray system for use in ultra-high-speed non-destructive inspection, complementary technologies for use in food and water purification  It has been suggested that , , and be merged into this article or section. , a pulsed-corona device for reducing air
pollutants pollutantssee environmental pollution. , and a pulsed electrical energy system for separating valuable minerals from mined rock." Added Walter Robertson, president and general manager of Maxwell Technologies Systems Division Inc.: "The acquisition of Physics International's electromagnetic business greatly expands the resources available to us and increases the division's annual revenues to close to $50 million. We believe that the larger critical mass resulting from the acquisition will enhance our bidding prospects for new programs requiring leading-edge pulsed power solutions." Maxwell Technologies is a leader in pulsed power technologies, providing pulsed power-based systems and components for a wide range of commercial applications and research and development for both commercial customers and the U.S. government. The Company's advanced technology solutions address diverse markets such as utilities, telecommunications, medical equipment and products, food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. and packaging, and transportation. The Company also offers industrial computers and subsystems, primarily to OEMs in computer telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration and other markets, and software products and services, both for government research and for various commercial applications. -0- Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including funding levels for defense and energy programs, product development based on new technologies, applications and acceptance of new products in major markets, the impact of competitive products and pricing, the successful integration of acquired businesses, and other risks detailed from time-to-time in the Company's SEC reports, including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended July 31, 1997. Actual results may differ materially from those projected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. CONTACT: Maxwell Technologies Inc. Tracy Perry, 619/576-7547 http://www.maxwell.com |
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